5 Minute Trading – Pah! Aug 31

Missing a “take profit” trade by half a pip, and then being stopped out, is frustrating. However, trading can be like that, and the best path is to stick to my strategy. Although, its probably fair to say that this will be mentioned in the wrap up report.

Here are today’s levels:

Results so far:

You can read more about the “Five Minutes a Day Trading” strategy here:

http://blog.cmcmarkets.com.au/2012/07/31/five-minutes-a-day-trading/

 

About michaelmccarthycmc

Chief Market Strategist - CMC Markets and Stockbroking Regular on ABC, BBC, Bloomberg, Channel TEN, CNBC, SBS and SKY
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7 Responses to 5 Minute Trading – Pah! Aug 31

  1. leo says:

    Thanks Michael. this method is good in robot, but sure we can improve this on the situation

    • michaelmccarthycmc says:

      Thanks Leo – am very interested to hear how you implement this idea, and any results.

  2. Myron Bernstein says:

    Sorry it didn’t work this month,but following your progress is helping me understand the mechanics of forex trading-

    • michaelmccarthycmc says:

      Hi Myron – all is not lost. A succesful trade tonight would put the stategy into profit by 15 pips – but yes, I was looking for 8 or more successful trades for the month. I hope readers have found it a useful exercise

  3. Bruce Crumpton says:

    Hi Michael, i have found the exercise extremely valuable and am hoping this blog will continue.. Cheers Bruce

    • michaelmccarthycmc says:

      Thanks Bruce – glad you found it useful. Nice to finish August with a win, and a profit for the month. I won’t be blogging it on a daily basis from here, but will publish a brief analysis in the next few days. Of course, a trader wishing to use this method can calculate the daily levels at 3 pm themselves – all the details are in the original white paper (the link at the bottom of the post)

  4. Bruce Crumpton says:

    Thanks Michael, i appreciate your prompt reply and insights and will follow the link with a view of continuing the strategy. Bruce..

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